Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The real estate positions within the Singapore River precinct, a place undergoing significant change. It is alongside City Developments Ltd’s upcoming Union Square– a massive mixed-use development consisting of a 40-storey tower with 366 deluxe condos, a workplace high rise, retail and co-living elements. Union Square is anticipated to be finished in 2029.
The investment comprises two rows of conserved 1930s shophouses and a four-storey industrial block finished in 1996, with a consolidated gross floor surface area of 71,338 sq ft.
The repositioning is intended for completion in late 2026. Whilst protecting the architectural appearance of the preserved shophouses, the associates aspire to supply versatile workplace floor plates with generous roof levels and adaptable styles suited to modern occupiers.
Projected pedestrianisation of Merchant Road is also readied to enhance connectivity between the Singapore River, Fort Canning Park and Chinatown, potentially increasing ease of access and footfall throughout the community.
The mutual business venture partners plan an extensive repair to shift the property as a lively, office-led mixed-use property development. Works will include revitalizing the front, modernising insides and common areas, and reconfiguring the ground level to present curated restaurants, retail and wellness services to match the shop workplace component.
Elevate Capital Group and LaSalle Investment Management revealed on Feb 27 that they have carried out their united procurement of 51 Vendor Road from Raffles Education for $121.8 million.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall fronting the Singapore River. It is also inside a four- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stops.
This registers Elevate Capital’s 2nd acquisition. In October 2024, it partnered with PGIM Real Estate to acquire the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Together with LaSalle, we intend to create an unique environment that mixes work, dining, wellness and area, while adding meaningfully to the recurring development of the Singapore River precinct,” claims Ashish Manchharam, creator and supervising partner of Elevate Capital Group.
